Lidl Czech profit doubles to 2.6 billion crowns

German discounter Lidl increased its profit for the financial year 2015 by 50 percent to 2.6 billion crowns. This is the highest profit achieved retail chain in the Czech Republic in recent years. The company’s revenues rose 16 percent to 33.6 billion crowns. These figures are as per the company’s annual report Lidl released recently.

“The profit of the business year 2014-15 achieved a record figure of CZK 2.6 billion was transferred to the shareholders in full,” the company writes in the report. Lidl in December said that investing in the Czech Republic in the modernization stores, construction and development of new warehouse space in three years nine billion crowns. The company wants to create 1,500 new jobs and by 2018 plans to rebuild dozens of their shops. Now operates 230 stores in the Czech Republic and employs over 6600 people.

Lidl entered the Czech market in 2003 as the last of the big retail chains. About 80 percent range is sold under private label. Lidl belongs to the German retail group Schwarz.

Competitive discount stores Penny Market in 2014 in the Czech Republic increased year on year profit by 77 percent to 523 million, sales increased by three percent to 31.3 billion crowns. Tesco in the Czech Republic in the financial year 2014/2015 showed a loss of 3.9 billion crowns with sales growth of 1.1 percent to 41.7 billion crowns. Billa in 2014 earned about 62 percent more – 339 million crowns. The company’s revenues rose by two percent to 21.4 billion crowns.